A story of the rapid benefit of a Singaporean PV veteran.

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Shell XY

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Little White

At the end of 2023, a photovoltaic star company, One New Energy Technology Co., Ltd. (hereinafter referred to as "One New Energy") submitted a prospectus to the GEM.

Feng Yun Jun rushed to see the real texture of the star. Without saying much, let's go ~

10 billion new stars sprint IPO,TOPCon battery conversion efficiency leads the industry

Where does the word "star" come from?

01

half-year revenue of nearly 10 billion, five-year sprint IPO

back to August 2018, a new energy was formally established, focusing on photovoltaic cells and entrusted processing business.

starting from 2021, a new energy will be able to adjust the focus of development to its own brand of photovoltaic modules, and with the photovoltaic outlet all the way to take off, only five years after its establishment will rush to a shares.

In just two years from 2020 to 2022, a new energy's operating income has soared from 0.736 billion to 8.606 billion, an increase of more than 10 times. In the first half of 2023, revenue reached 9.454 billion, even more than the full-year level of 2022.

Among them, the photovoltaic module business has become the absolute core of the company, accounting for 98.42 percent of revenue in the first half of 2023, up 79 percentage points from 2020.

(Charting: Market Value Fengyun APP)

02

TOPCon Battery Conversion Efficiency Leading the Industry

The rapid growth of a new energy performance, in addition to benefiting from the high boom dividend of the photovoltaic industry in recent years, is also inseparable from its correct choice of technical route.

solar cells have been in the technology iteration, N-type batteries with high conversion efficiency, high low light power generation, low temperature coefficient and other significant advantages, the past two years has gradually produced a trend to replace P-type batteries, PERC battery market share has decreased from 91.2 percent in 2021 to 88 percent in 2022.

among them, TOPCon battery enjoys the highest market share in n-type battery chips, about 8.3 percent in 2022, which is the mainstream direction of the new generation of technology recognized by the market.

(Source: A New Energy Prospectus)

and a new energy has been involved in the research and development of n-type TOPCon technology since its establishment. over the years, it has realized iterative innovation from TOPCon 1.0 to TOPCon 4.0 technology.

according to the certification report of the national photovoltaic industry metrology and testing center, in September 2023, a new TOPCon 4.0

the battery conversion efficiency exceeded 26.33, surpassing photovoltaic giants such as jingke energy (688223.SH), tris solar energy (688599.SH) and jingao technology (002459.SZ), setting the industry's highest record for large-area TOPCon battery conversion efficiency.

(Source: A New Energy Prospectus)

in December of the same year, the open circuit voltage of a new battery reached a new high of 735mV, the highest in the industry for TOPCon battery.

according to this, a new energy quickly entered the list of the world's top ten photovoltaic module shipments, ranking ninth in the world in the first half of 2023. In the new bid opening projects in the same period, it ranked seventh in the industry with 4GW winning scale.

(Source: A New Energy Prospectus)

of course, from the perspective of performance volume, there is still a big gap between a new energy and photovoltaic giants, mainly in the P-type components.

(Charting: Market Value Fengyun APP)

Focusing on the N-type component sector, the market share of a new energy has increased significantly.

according to the survey statistics of China photovoltaic industry association, in 2022, the market share of n-type TOPCon modules produced by a new energy will rank among the top three in the industry.

according to Polaris solar photovoltaic network data, in the first half of 2023, among the projects that have been opened, only the n-type module centralized procurement projects of three Gorges group, China Huaneng group, state power investment group co., ltd. and China energy construction group co., ltd. have won more than 2GW, with the n-type winning volume ranking second in the industry.

if you split a new component revenue structure, the higher unit price of the N-type components, revenue in 2020 only 10.32 million, the first half of 2023 to 2.388 billion, revenue share from 7.23 percent all the way up to 25.66 percent, which is one of the important reasons for its rapid growth.

As for P-type modules, the product performance gap between the head companies is not obvious, mainly benefiting from the high business climate of the PV industry and the supply-demand gap at that time, driving their performance to increase from 0.131 billion in 2020 to 6.898 billion in the first half of 2023.

(Source: A New Energy Prospectus)

from "zero" to "top three in the industry", a new energy took less than 5 years, and now it can even stand on the same challenge with photovoltaic giants such as jingke energy, longji green energy (601012.SH), jingao technology and trina solar energy.

Therefore, a new energy is enough to be called a "star enterprise" in the photovoltaic industry ".

big capital help, photovoltaic veterans quickly benefit

And all this is inseparable from the real controller behind Liu Yong.

01

Photovoltaic Veteran Self-Starting Stove

Liu Yong is also a well-known figure in the photovoltaic industry. He is of Singaporean nationality and has the right of permanent residence in China. After studying for a master's degree in materials science and engineering at the University of Science and Technology of China, he worked for Singapore Advantec Corporation, Germany Wacker Siltronic Singapore two semiconductor companies from 1995 to 2001.

with a whole body of technology and experience, he joined SMIC (688981.SH) after returning home and served as the director of Beijing factory, responsible for managing the three most advanced 12-inch wafer factories in China at that time.

and then turned to photovoltaic, successively in jingao technology, longji green energy, zhonglai shares (300393.SZ) and other giants as CTO, COO, vice president, general manager and other important positions.

(Source: A New Energy Prospectus)